How’s that working for ya? Merit Street Media, the company owned by Dr. Phil, files for bankruptcy less than 2 years after launch. In addition, it is suing its distribution partner, Trinity Broadcasting Network (TBN), for breach of contract.
Founded in early 2024, Merit Street launched with a McGraw-led talk show as its flagship program. In its bankruptcy filing, the company blames a “severely strained liquidity position” and its failure to secure new outside capital. The filing also points to ongoing legal disputes with Trinity Broadcasting and the Professional Bull Riders (PBR) organization as key contributing factors.
In its bankruptcy filing, the Fort Worth, Texas-based company reported assets and liabilities of between $100 million and $500 million, court records show.
Merit Street v TBN
As part of the Chapter 11 filing in the U.S. Bankruptcy Court’s North Texas Division, the company initiated a lawsuit against Trinity. Merit Street claims that TBN, best known for Christian programming, breached their joint venture agreement by failing to deliver on promised national distribution and other critical obligations.
“Merit Street Media is suing Trinity Broadcasting Network for failing to provide agreed-upon national distribution and other significant foundational commitments critical to the network’s continuing success and viability,” a company spokesperson said. “The suit is part of a restructuring proceeding also initiated by MSM.”
While the Professional Bull Riders aren’t named as a defendant, Merit Street referenced the group in the bankruptcy filing. Merit Street had acquired rights to air PBR events on its Merit TV channel, but PBR pulled its programming in November 2024, alleging the network hadn’t made any rights payments. The two parties are now in arbitration.
Merit TV Coverage
Merit TV has also drawn attention for its exclusive coverage of Immigration and Customs Enforcement raids in Chicago and Los Angeles. Dr. Phil has taken on an unofficial role as a spokesperson for President Trump, publicly supporting the raids.
McGraw’s Peteski Productions made several “substantial capital infusions” to help Merit Street stay afloat, the filing notes. However, the company failed to close a round of equity financing, forcing it to seek bankruptcy protection.
The lawsuit alleges that TBN abused its power shortly after the network’s launch. According to the complaint, TBN pushed Merit Street into costly third-party distribution deals rather than using its own local station network, leased its studio space to Merit Street for McGraw’s shows in a self-dealing move, and delivered “shoddy production services.”
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